Aryan Spaces Transaction Deemed Preferential Under Section 49 of Insolvency and Bankruptcy Code, Pending Further Investigation

The NCLAT upheld that the transaction involving Aryan Spaces constituted a preferential transaction under Section 49 of the Insolvency and Bankruptcy Code, 2016, subject to further investigation by the Resolution Professional. The Tribunal had previously considered the reply filed by the Appellant despite inadvertently recording that no reply was filed. The Tribunal clarified this error in its subsequent order dated 17.08.2023, noting that the Appellant's arguments regarding the MOU dated 15.11.2018 had been duly considered. The appeal was dismissed on grounds of limitation as the Appellant failed to file within the statutory period, and the application for condonation of delay was not pursued by the Appellant who was absent during the hearing. .....

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